EquityPandit’s Outlook for Nifty Bank for the week  (Nov 19, 2018 – Nov 23, 2018):

NIFTY BANK:

Nifty Bank closed the week on positive note gaining around 1.80%.

As we have mentioned, last week that resistance for the index lies in the zone of 25900 to 26100 where low for the month of June-2018 & July-2018 and long term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 26400 to 26500 where Fibonacci levels and medium term moving averages are lying. During the week the index manages to hit a high of 26333 and close the week around the levels of 26245.

Support for the index lies in the zone 25800 to 26000 from where the index broke out of October-2018 high and Fibonacci levels are lying. If the index manages to close below these levels then the index can drift to the levels of 25200 to 25400 where break out levels and Fibonacci levels are lying.

Resistance for the index lies in the zone of 26400 to 26500 where Fibonacci levels and medium term moving averages are lying. If the index manages to close above these levels then the index can move to the levels of 26800 to 27000 where Fibonacci levels are lying.

Range for the week is seen from 25400 to 25600 on downside & 26700 to 26900 on upside.